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What is Mortgage?
We are all familiar with the concept of a mortgage from personal experience. Most people don’t have enough money to purchase a home outright, so they go to a bank and take out a loan. The bank agrees to give them a loan with the condition that the home can be legally repossessed and sold to pay off the balance of the loan in case the borrower defaults on his or her payments. This is the common arrangement that we are all familiar with. Traditional mortgages are structured over a 15 or 30-year span of time and usually require a monthly payment. Most banks are required to collect property taxes and homeowner’s insurance on behalf of their borrowers and remit these amounts to the local governments.